Do you have a great med tech idea and need someone to fund it? Perhaps BioCrossroads can help you with your venture.
BioCrossroads Inc. has raised an $8.25 million seed fund in its second attempt to help fledgling life sciences companies grow to the point where they can attract venture capital or a corporate funder. The Indiana Seed Fund II LLC was kicked off in late 2010 when Eli Lilly and Co. agreed to invest. Also chipping in are Indianapolis-based health insurer WellPoint Inc., Indiana University’s Research Technology Corp., Purdue University, the University of Notre Dame, the Richard M. Fairbanks Foundation and BioCrossroads’ own for-profit arm.
“It takes a long, long time in many cases to get these companies where they need to go,” says BioCrossroads President and Chief Executive Officer David Johnson. “This fund is designed to coax researchers who have always wanted to do this, to think big, to take a big risk and know there are going to be other people there to meet them halfway and invest in the company they’re trying to get started.”
“The market can be a very cruel place, and there are a lot of good ideas that wind up dying for lack of funding,” says Joe Hornett, leader of the Purdue Research Foundation (PRF), which funds the school’s research efforts, ”I hope some of those good ideas that, otherwise, might wind up on the laboratory floor now make their way into the marketplace, and indeed, into the lives of consumers—particularly in the life sciences market, where health is improved and lives are saved. It’s absolutely critical.”
So, no more excuses. If you have a great idea, there are people who are willing to help you make it a reality.